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USDX technical analysis for June 4, 2015

The US Dollar Index did not hold the short-term support and is heading towards our initial target at the 61.8% retracement. We are trading below the 50% retracement. I remain bullish in the longer-term and I expect the trend to reverse higher from the 61.8% retracement.

 

 

 

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The US Dollar Index has broken below the cloud support and is trading around the 50% retracement. This could be a new bearish flag. Support is at 94.90 and if my bullish scenario is true, we should see reversal from that level or earlier.

 

 

 

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The weekly chart is neutral as the price is trapped between the tenkan-sen and the kijun-sen indicators. Support is at 94 on a weekly basis but I believe it will not be a good sign if we reach that level. Resistance is at 97.80. So, a break above this area will be a very bullish sign that will confirm the important long-term low at 93.10 as a point of the trend reversal.



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